Online payment app PayPal announced that the company will offer a “Checkout with Crypto” feature to support cryptocurrencies, where US customers can rely on it as a form of payment, according to the verege.
This came after the introduction of the ability of users in the United States to buy and sell cryptocurrencies directly from their accounts last November.
PayPal’s new “Checkout with Crypto” allows users to convert Bitcoin, Ethereum, Litecoin or Bitcoin Cash into US dollars instantly without transaction fees.
If the merchant does not take the US dollar, PayPal also converts those dollars into the local currency at the standard conversion rates that PayPal specifies.
The feature will automatically appear in the PayPal wallet if the user has “enough cryptocurrency balance to cover an eligible purchase”, and you’ll be able to see your crypto balances for each type of coin in the app.
However, you can only use one type of cryptocurrency for every purchase you make.
PayPal is not the first payment app to offer support for cryptocurrencies.
In 2018, its rival, Square, launched support for Bitcoin on the Cash app.
But the launch of cryptocurrency as a form of payment makes PayPal a major digital wallet and cryptocurrency exchange, which could simplify the use of cryptocurrency as a more popular payment method.
The company had reported during Investor Day last week that it had 377 million active accounts.